The CEO of Lake Shore Bancorp will retire just weeks after the Dunkirk, N.Y., company’s bank was classified as being in a "troubled condition" by the Office of the Comptroller of the Currency. The $700 million-asset company disclosed in a regulatory filing that Daniel Reininga will also retire as president on March 10. Lake Shore said that Jeffrey Werdein, executive vice president of the bank’s commercial division, was appointed interim

Fifth Third Bancorp in Cincinnati will shrink the size of its board after the retirement of its executive chairman. The $207 billion-asset company disclosed in a regulatory filing that Greg Carmichael will retire at its April 18 annual meeting. Carmichael, a former Fifth Third CEO, had been chairman since February 2018. The board voted to decrease its size such that no vacancies will result from Carmichael’s retirement.

Silvergate Capital in La Jolla, Calif., has shut down its cryptocurrency payments network after months of implosions by digital assets clients. The $11.4 billion-asset company said in a brief statement on its website that it had made the “risk-based decision to discontinue the Silvergate Exchange Network (SEN). Silvergate said that all of its other deposit-related services remain operational. The network had offered round-the-clock transfers between crypto exchanges and investors. The

SouthState in Winter Haven, Fla., will eliminate the position of executive chairman, separating employment with former CEO Robert Hill Jr.   The $43.9 billion-asset SouthState disclosed in a regulatory filing that it eliminated the position “as part of a broader, ongoing effort to enhance the independence of the company's board," the filing said.   Hill’s separation will be effective after SouthState’s annual meeting on April 26. On that date, Doug

Signature Bank in New York has run off about $1.5 billion of crypto-related deposits so far this quarter. The $110.4 billion-asset bank disclosed in its mid-quarter report that it continues to reduce the size of deposit relationships tied to the crypto industry. As of March 1, overall deposits were down $826 million from the end of 2022, or roughly 0.9%. Excluding the runoff of crypto deposits, total deposits would be

Webster Financial in Stamford, Conn., will delay filing its annual report after identifying a potential material weakness. The $71.3 billion-asset company, which acquired Sterling Bancorp last year, said in a regulatory filing that the potential issue is tied to internal controls related to its IT operations. Specifically, the matter is tied to “logical access for certain information technology systems,” the filing said. Webster said it does not expect that its

Longview Community Bank in Mount Pulaski, Ill., has agreed to buy Bank of Chestnut in Chestnut, Ill. The $68.3 million-asset Longview filed an application with the Federal Deposit Insurance Corp. on March 1 to buy the $20.2 million-asset Bank of Chestnut. The price wasn’t disclosed. Bank of Chestnut said on its website that it “will continue to offer expanded banking services in Chestnut with the same great people.”

First Fidelity Bank in Oklahoma City has started offering a Banking-as-a-Service product. The $2.7 billion-asset First Fidelity said in a press release that it developed the BaaS product with Episode Six, a payments infrastructure provider in Austin, Texas. Unifimoney, a digital wealth management platform for community banks and credit unions, is First Fidelity’s first BaaS client. “Open banking is as much if not more of an opportunity for community banks